Good Day Caf (GDC) is a public coffee shop chain with locations across North America. GDC was founded in 2006 by Jeff Good. His daughter, Jane, recently took over the company after getting her Commerce degree and working for her dad for a few years. Jane wants to prove to her father that he made the right decision handing the company over to her. Due to COVID-19, GDC lost significant revenue and has been unable to pay some of their employees and suppliers. Recently, one of these suppliers decided to sue GDC for $50,000, half of their annual contract. Jane has asked you, CPA, to advise on the accounting treatment of the lawsuit. Our lawyers have said that the lawsuit has merit and recommended that we settle this lawsuit out of court. Does this need to be reported on our financial statements? How should we account for it? Because of all the COVID-19 impacts we've experience this year, our Board of Directors will be looking closely at our disclosures. Do we need to disclose this lawsuit if it hasn't been settled yet? ASSESS the Situation: maximum 2 sentences ANALYZE Major Issues: maximum 6 sentences CONLUDE: maximum 2 sentences, plus journal entries, if applicable & ADVISE: maximum 2 sentences